Notes to the consolidated financial statements

for the year ended 30 June 2008

Accumulated

Carrying

Accumulated

Carrying

Cost

depreciation

amount

Cost

depreciation

amount

2008

2007

R’000

R’000

2. PROPERTY, PLANT AND EQUIPMENT

At year-end

Mining assets

Mineral and prospecting rights

432 476

71 878

360 598

432 476

51 536

380 940

Land, buildings and mine properties

426 582

67 729

358 853

227 859

52 212

175 647

Plant and equipment

3 032 216

623 710

2 408 506

1 994 852

511 858

1 482 994

Prospecting, exploration, mine

development and decommissioning assets

839 241

244 972

594 269

788 530

195 291

593 239

Vehicles, furniture and office equipment

329 424

141 541

187 883

263 393

110 039

153 354

Leased assets capitalised

27 543

9 457

18 086

26 519

4 406

22 113

Capital work in progress

54 409

–

54 409

3 596

–

3 596

5 141 891

1 159 287

3 982 604

3 737 225

925 342

2 811 883

Other assets

Land and buildings

6 962

316

6 646

6 363

–

6 363

Township property

–

2 051

1 970

Industrial property

24 813

2 913

21 900

13 452

2 471

10 981

Plant and equipment

127 855

25 545

102 310

60 614

24 206

36 408

Vehicles, furniture and office equipment

29 071

18 648

10 423

25 887

17 856

8 031

Capital work in progress

7 189

–

7 189

62 970

–

62 970

195 890

47 422

148 468

171 337

44 614

126 723

5 337 781

1 206 709

4 131 072

3 908 562

969 956

2 938 606

Exchange differences

Exchange differences for the year arising on the translation at year-end of the property, plant and equipment of a foreign subsidiary amounted to R70 940 (2007: R6 260).

Leased assets

Vehicles with a carrying amount of R18,1 million (2007: R22,1 million) are encumbered as security for the finance lease agreements referred to in note 12.

Borrowing costs

Acquisitions in respect of mine development include borrowing costs amounting to R33,9 million (2007: R7,0 million) that were capitalised during the year. Borrowing costs are capitalised at effective rates applicable to group borrowings during the year.

Capital work in progress

Included in mine development, plant and machinery and capital work in progress above, are assets with a carrying amount of R197,6 million (2007: R861,2 million) which relate to projects in progress from which no revenue is currently derived.

Fixed asset register

A register containing details of properties is available for inspection during business hours at the registered address of the company by
shareholders or their duly authorised agents.

Opening

Acquisitions

Current

Closing

carrying

and

Reclassi-

depreciation

carrying

amount

transfers

Disposals

fications

charge

amount

2008

R’000

Movement for the year

Mining assets

Mineral and prospecting rights

380 940

–

(20 342)

360 598

Land, buildings and mine properties

175 647

199 904

(2 480)

2 596

(16 814)

358 853

Plant and equipment

1 482 994

1 075 661

(4 841)

(4)

(145 304)

2 408 506

Prospecting, exploration, mine development

and decommissioning assets

593 239

73 528

(21 128)

120

(51 490)

594 269

Vehicles, furniture and office equipment

153 354

113 977

(29 705)

(1 084)

(48 659)

187 883

Leased assets capitalised

22 113

1 025

–

(5 052)

18 086

Capital work in progress

3 596

50 813

–

54 409

2 811 883

1 514 908

(58 154)

1 628

(287 661)

3 982 604

Other assets

Land and buildings

6 363

122

–

168

(7)

6 646

Township property

1 970

–

(1 970)

–

Industrial property

10 981

11 361

–

(442)

21 900

Plant and equipment

36 408

69 895

(1 230)

(2 767)

102 310

Vehicles, furniture and office equipment

8 031

5 352

(202)

170

(2 597)

10 754

Capital work in progress

62 970

(56 112)

–

6 858

126 723

30 618

(1 432)

(1 628)

(5 813)

148 468

2 938 606

1 545 526

(59 586)

–

(293 474)

4 131 072


						Reversal of
	Opening	Acquisitions			Current	items	Closing
	carrying	and		Reclassifi-	depreciation	previously	carrying
	amount	transfers	Disposals	cations	charge	capitalised	amount
2007	R’000	R’000	R’000	R’000	R’000	R’000	R’000
Movement for the year
Mining assets
Mineral and prospecting
rights	401 390	–	–	(120)	(20 330)	–	380 940
Land, buildings and mine
properties	122 355	61 580	(19)	(93)	(8 176)	–	175 647
Plant and equipment	712 003	914 639	144	(35 849)	(110 670)	2 727	1 482 994
Prospecting, exploration
mine development and
decommissioning assets	601 706	46 038	(4 595)	4 822	(54 732)	–	593 239
Vehicles, furniture and
office equipment	93 666	85 279	(6 915)	3 227	(24 455)	2 552	153 354
Leased assets capitalised	6 246	26 479	–	–	(4 365)	(6 247)	22 113
Capital work in progress	–	3 596	–	–	–	–	3 596
	1 937 366	1 137 611	(11 385)	(28 013)	(222 728)	(968)	2 811 883

Other assets
Land and buildings	–	2 234	(316)	4 445	–	–	6 363
Township property	1 976	–	–	–	(6)	–	1 970
Industrial property	10 301	5 160	–	(4 233)	(247)	–	10 981
Plant and equipment	22	8 453	(49)	31 027	(3 045)	–	36 408
Vehicles, furniture and
office equipment	11 000	2 641	(13)	(3 199)	(2 391)	(7)	8 031
Capital work in progress	–	62 970	–	–	–	–	62 970
	23 299	81 458	(378)	28 040	(5 689)	(7)	126 723
	1 960 665	1 219 069	(11 763)	27	(228 417)	(975)	2 938 606